On-chain data shows that Bitmine, the cryptocurrency investment company started by Wall Street strategist Tom Lee, has acquired 40,718 ETH, or almost $137 million. The ETH shows a resurgence of institutional trust in ETH as the market recovers.
BitMine has developed a reputation for investing in crypto with resilient convictions. The company has been progressively growing its portfolio of digital assets with an emphasis on exposure to ETH.
BitMine expands ETH holdings amid institutional inflows
On-chain data from Arkham Intelligence revealed two major inflows to BitMine wallets in the past 24 hours, totalling more than 19,000 ETH, or approximately $69.89 million, from Coinbase Prime and FalconX alone.
Six days prior, Galaxy Digital’s OTC desks transferred more than 6,000 ETH or approximately $29.28 million to BitMine wallets. The inflows increased BitMine’s total Ethereum acquisition to nearly 40,718 ETH, or approximately $137 million. Arkham’s entity-matching algorithm confirmed that the transactions were classified under BitMine’s institutional address cluster.
On-chain data reveal that FalconX and Galaxy Digital are two of the leading counterparties, handling two Ethereum transactions totalling $29.27 million and $35.8 million, respectively. The transactions demonstrate strong OTC and institutional flows between BitMine and large crypto service providers.
According to on-chain data, BitMine’s exchange withdrawals totalled $12.83 billion. FalconX holds the biggest part at $5.85 billion (46%), followed by Kraken ($2.64 billion). BitGo takes the third position ($2.5 billion), followed by Galaxy Digital ($1.79 billion), and finally Coinbase Prime with ($47.17 million).
On-chain data reveal that BitMine’s total holdings declined from $12.43 billion on October 30, 2025, to $10.41 billion on November 6, 2025. The net dropped by $2.03 billion throughout the week. According to Arkham, no deposits were made during the same 119-day period that ended on November 5, 2025.
Despite the decline, the firm’s portfolio remains up 3.36% month over month, indicating the ongoing volatility in the values of cryptoassets.
Tom Lee reiterates his optimistic view of the crypto market
Chairman Tom Lee remained optimistic about a year-end boom for ETH and BTC despite the recent decline in the company’s share price.
Last week, BitMine added more than $294 million in ETH. The company purchased an additional 82,353 ETH at an average price of $3,909. The acquisition of ETH raised its balance sheet totals to 3,395,422 Ethereum, or more than 2.8% of the circulating Ethereum supply.
“The market is consolidating. But if I look at fundamentals, like Ethereum, stablecoin volume has been exploding, application revenues are at all-time highs…right now fundamentals are leading price in crypto.”
-Tom Lee, Chairman of BitMine Immersion Technologies.
According to Tom Lee, the recent record-breaking $19.16 billion crypto liquidation event is a “miniature rupture” that the market is stabilizing around.
Tom Lee expressed optimism about the direction of the cryptocurrency market. He believed that prices would level off before picking up steam at the end of the year. According to Lee, ETH might reach roughly $7,000 by the end of the year. Additionally, He projected that Bitcoin might reach between $150,000 and $200,000.
Currently, Bitmine is among the most actively traded stocks in the U.S. According to Fundstrat, as of October 24, 2025, the stock has traded an average daily dollar volume of $1.5 billion over the five-day period.
Tom Lee claimed that BitMine continues to attract funds from institutional investors due to the company’s high liquidity. According to Lee, the combined trading volume share of BitMine and MSTR currently accounts for 88% of the total DAT trading volume worldwide.
BitMine stated that the combined impact of MSTR and BitMine has grown over the last month, as BitMine’s percentage of the total has increased from 31% to 33%.
The rise indicates increased institutional interest in the stock’s growing liquidity. BitMine currently trades approximately $2.1 billion per day in daily stock trading volume.
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